On May 31, a new law removed the requirement that NYSLRS members needed to serve during certain periods of conflict in order to purchase military service credit. We’ve been asked if there is a cost to employers in addition to the members’ cost. According to Section 25 of the Retirement and Social Security Law, the State of New York will pay the cost of this program for Employees’ Retirement System (ERS) members employed with the State or participating local employers. For Police and Fire Retirement System (PFRS) members, the cost will be shared by the State of New York and local participating employers. This will be reflected in the PFRS employer contributions rates beginning in 2019. Employers will not be invoiced directly for their members’ military service as a result of this legislation.
If you have questions, please contact us.
The July – December 2016 consultation site schedule is now available on our website. Be sure to let your employees know about these dates so they can schedule appointments with us.
The Retirement Adjustment Reporting (RAR) system allows you to submit online adjustments to your employees’ previously reported days worked, salary and contributions. In most cases, you won’t have to submit the paper adjustment report form to us. If you submit your monthly report online, you can use the RAR system. Please take a few minutes to learn about the program.
The legislation that created Tier 6 established variable contribution rates for members based on their annualized wage. This video will help you understand how rates are determined and your important role in the process.